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Posted in Auto Loans
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Question By
krotz31

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Help, just got turned down, frustrated and confused
‎02-18-2017 05:57 PM

Hello,

Been following the forums for a while. Now I need some help/advice.

Quick backstory, divorced with what I thought was a clean break, however my Ex had a credit card in my name I didn't know about, Used it, bill to her house,paid on it for several years until she maxed it out and stopped paying.I had now idea until the collection company got a hold of me. I now have a charge off on my otherwise great credit hx.

Fast forward the lease ended on my current truck and I wanted /needed to buy a new one.

The truck was to be in me and many girlfriends name(just like the previous truck and our car)

We ordered a truck, applied for a loan 80% of msrp between trade and down pmt, and thought everything was ok. Truck is ordered and due in three weeks.

Today in the mail, we both got letters from Huntington bank stating we were turned down.

I never heard this from the dealer , i know from my credit report they applied to a second bank, Im afraid if they got it approved through that bank they are going to kill me on the rate.

Some details
Me fico auto 684, trans union 646,equifax 662, very low debt to income , low credit card balances , 120k income..credit card charge off
her trans union 769, some high credit card balances, 120k income also, debt to income from current wil drop with trade/new card net difference.

2017 f150
msrp 60k
amt to finance 46k
terminated lease 449 pmt
trading car with 531 pmt
dropping 2 car pmts for one lower one

I know I have a hit on my credit but between my consigner ,down payment and my fair credit # , I'm surprised it was declined.

Should I be looking for my own financing? Dow we have a chance of getting financed at a reasonable rate? If so where should I look?

Thank you for any advice, its really frustrating because i really try to keep my credit in line.


Hello,

Been following the forums for a while. Now I need some help/advice.

Quick backstory, divorced with what I thought was a clean break, however my Ex had a credit card in my name I didn't know about, Used it, bill to her house,paid on it for several years until she maxed it out and stopped paying.I had now idea until the collection company got a hold of me. I now have a charge off on my otherwise great credit hx.

Fast forward the lease ended on my current truck and I wanted /needed to buy a new one.

The truck was to be in me and many girlfriends name(just like the previous truck and our car)

We ordered a truck, applied for a loan 80% of msrp between trade and down pmt, and thought everything was ok. Truck is ordered and due in three weeks.

Today in the mail, we both got letters from Huntington bank stating we were turned down.

I never heard this from the dealer , i know from my credit report they applied to a second bank, Im afraid if they got it approved through that bank they are going to kill me on the rate.

Some details
Me fico auto 684, trans union 646,equifax 662, very low debt to income , low credit card balances , 120k income..credit card charge off
her trans union 769, some high credit card balances, 120k income also, debt to income from current wil drop with trade/new card net difference.

2017 f150
msrp 60k
amt to finance 46k
terminated lease 449 pmt
trading car with 531 pmt
dropping 2 car pmts for one lower one

I know I have a hit on my credit but between my consigner ,down payment and my fair credit # , I'm surprised it was declined.

Should I be looking for my own financing? Dow we have a chance of getting financed at a reasonable rate? If so where should I look?

Thank you for any advice, its really frustrating because i really try to keep my credit in line.

Thanks

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The one important thing that you didn't mention was the age of the Charge Off, how old is it? If it is a few months old, then you may have some difficulty, if it is at least a year or two old, that wouldn't be as bad. Honestly, if I was a bank I would lend you the money especially since you have the truck as collateral. Some banks can be extremely difficult. I would suggest looking for another lender, unless the charge off is really recent, then you may have to put the plans on hold for a little while. I wouldn't think that your rate should be that terrible, even if you don't get a great rate, you may be able to refinance in a year or two. Spend some time Google Searching dealerships that work with many different lenders for all credit situations.

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